American Lithium Corp. (“American Lithium” or the “Company”)
(TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) is pleased to announce
that initial exploration drilling has been launched at TLC North
(Big Smoky acquisition land) near Tonopah Nevada. Initial drilling
has successfully drilled thick intersections (up to 96.9 m / 318
ft) of lithium-bearing claystone.
A drone magnetic geophysical survey is also
being flown across a large portion of the TLC project area to
provide detailed geophysical information as the Company finalizes
the precise positioning of drill collars for its next phase of
development drilling under its Plan of Operations filed in January
2021 and expected to receive final approval in mid-late December
2021.
Tonopah Lithium Claims (“TLC”) –
Exploration Details:
- 15-hole Reverse
Circulation (“RC”) exploration drill program, approved under a new
5-acre Notice, has started at TLC North and East, marking initial
drilling in these areas (See Figure 1 – TLC Project Drill Hole
Location Map – Holes A-O);
- 10 holes
(approx. 1,400 m / 4,600 ft) are planned at TLC North to test high
grade target areas where up to 2,361 ppm lithium recovered from
surface grab samples1 (See Figure 1 – Holes A-J)
- Additional 5
holes (approx. 650 m / 2,100 ft) will also be drilled on newly
staked land east of the TLC resource area (See Figure 1 – Holes
K-O);
- 6 vertical RC
holes (See Figure 1 - Holes A-F) completed to date at TLC North
(1,112.5 m / 3,650 ft) have intersected target claystone horizons
near surface immediately beneath alluvial cover 13.7 - 48 m (45 -
157 ft) thick;
- Claystone
stratigraphy intersected ranges from 38 m - 96.9 m (125 - 318 ft)
thick;
- High lithium
contents, similar to main TLC deposit, have been recorded in
mineralized claystone intersected in southwest holes utilizing a
Thermo Scientific Niton Apollo Laser Induced Breakdown Spectroscopy
(LIBS) portable analyzer2;
- Samples from
these 6 initial holes have been submitted to American Assay
Laboratories in Sparks, Nevada, with results pending;
- Twinning of
several holes within the TLC resource area also planned to test for
additional, deeper lithium mineralization, drill to basement to
understand basin dynamics and pinpoint depth of water table;
- A drone magnetic
geophysical survey has been launched to provide valuable
information on the location and orientation of fault structures,
basin architecture and depth to basement;
- The 146 line km
survey by Pioneer Exploration Consultants Ltd. of Ottawa is using
their DRONE-MAG system with 100 m line spacing; 1,000 m tie lines
and minimum safe flight height;
- Optimization of
process engineering and pre-concentration work continues to enable
completion of Preliminary Economic Assessment (“PEA”) by end Q1
2022; Approval of Plan of Operations (“PO”) for next phase of
development is anticipated late 2021 and includes up to 110 drill
sites on the central TLC project targeting resource infill /
expansion; and
- Drilling will
resume in early January with multiple rigs.
Simon Clarke, CEO of American Lithium
states, “We are excited to have started this exploration
drilling program with the successful discovery of thick lithium
claystone on new targets at TLC North. Once complete, this
exploration program will morph into our larger development drill
program with the approval of the PO expected shortly. We are also
excited for the start of drilling at Quelcaya near Falchani, which
should commence very soon.
The Company continues to advance its projects in
both Nevada and Peru with a maiden PEA for TLC anticipated by end
of Q1 2022 and updated PEAs at both Falchani and Macusani projects
targeted for Q2 and Q3 2022, as American Lithium continues to
evolve into a leading lithium developer focused on the
Americas.”
Figure 1 – TLC Project Drill Hole Location Map is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1df4e23c-5960-42a9-b3a3-7b56262ec70a
Notes1 Grab samples are
selective, and the selected nature of such sampling does not
necessarily reflect potential lithium contents expected from future
drill testing, however, they do indicate the presence of lithium
mineralization and mineralizing systems in the surface rocks
collected.
2 The LIBS portable analyser has been calibrated
at the factory and has been more finely calibrated with internally
made standards of TLC mineralization; although correlation between
LIBS and geochemical analyses are high, it is only used here as
indicative of lithium mineralization.
Qualified PersonMr. Ted
O’Connor, P.Geo., a Director of American Lithium, and a Qualified
Person as defined by National Instrument 43-101 Standards of
Disclosure for Mineral Projects, has reviewed and approved the
scientific and technical information contained in this news
release.
About American
LithiumAmerican Lithium, a member of the TSX Venture 50,
is actively engaged in the acquisition, exploration and development
of lithium projects within mining-friendly jurisdictions throughout
the Americas. The Company is currently focused on enabling the
shift to the new energy paradigm through the continued exploration
and development of its strategically located TLC lithium claystone
project in the richly mineralized Esmeralda lithium district in
Nevada as well as continuing to advance its Falchani lithium and
Macusani uranium development projects in southeastern Peru. Both
Falchani and Macusani have been through preliminary economic
assessments, exhibit strong additional exploration potential and
are situated near significant infrastructure.
The TSX Venture 50 is a ranking of the top
performers in each of 5 industry sectors in the TSX Venture
Exchange over the last year.
For more information, please contact the Company
at info@americanlithiumcorp.com or visit our website
at www.americanlithiumcorp.com for project update videos and
related background information.
Follow us
on Facebook, Twitter and LinkedIn.
On behalf of the Board of Directors of
American Lithium Corp.
“Simon Clarke”
CEO & Director
Tel: 604 428 6128
For further information, please contact:
American Lithium
Corp. |
|
Email:
info@americanlithiumcorp.com |
|
Website:
www.americanlithiumcorp.com |
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Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward
Looking Information
This news release contains certain
forward-looking information and forward-looking statements
(collectively “forward-looking statements”) within the meaning of
applicable securities legislation. All statements, other than
statements of historical fact, are forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements regarding the ability to appeal the
judicial ruling, and any other statements regarding the business
plans, expectations and objectives of American Lithium.
Forward-looking statements are frequently identified by such words
as "may", "will", "plan", "expect", "anticipate", "estimate",
"intend", “indicate”, “scheduled”, “target”, “goal”, “potential”,
“subject”, “efforts”, “option” and similar words, or the negative
connotations thereof, referring to future events and results.
Forward-looking statements are based on the current opinions and
expectations of management are not, and cannot be, a guarantee of
future results or events. Although American Lithium believes that
the current opinions and expectations reflected in such
forward-looking statements are reasonable based on information
available at the time, undue reliance should not be placed on
forward-looking statements since American Lithium can provide no
assurance that such opinions and expectations will prove to be
correct. All forward-looking statements are inherently uncertain
and subject to a variety of assumptions, risks and uncertainties,
including risks, uncertainties and assumptions related to: American
Lithium’s ability to achieve its stated goals; risks and
uncertainties relating to the COVID-19 pandemic and the extent and
manner to which measures taken by governments and their agencies,
American Lithium or others to attempt to reduce the spread of
COVID-19 could affect American Lithium, which could have a material
adverse impact on many aspects of American Lithium’s businesses
including but not limited to: the ability to access mineral
properties for indeterminate amounts of time, the health of the
employees or consultants resulting in delays or diminished
capacity, social or political instability in Peru which in turn
could impact American Lithium’s ability to maintain the continuity
of its business operating requirements, may result in the reduced
availability or failures of various local administration and
critical infrastructure, reduced demand for the American Lithium’s
potential products, availability of materials, global travel
restrictions, and the availability of insurance and the associated
costs; the judicial appeal process in Peru, and any and all future
remedies pursued by American Lithium and its subsidiary Macusani to
resolve the title for 32 of its concessions; risks regarding the
ongoing Ontario Securities Commission regulatory proceedings; the
ongoing ability to work cooperatively with stakeholders, including
but not limited to local communities and all levels of government;
the potential for delays in exploration or development activities
due to the COVID-19 pandemic; the interpretation of drill results,
the geology, grade and continuity of mineral deposits; the
possibility that any future exploration, development or mining
results will not be consistent with our expectations; risks that
permits will not be obtained as planned or delays in obtaining
permits; mining and development risks, including risks related to
accidents, equipment breakdowns, labour disputes (including work
stoppages, strikes and loss of personnel) or other unanticipated
difficulties with or interruptions in exploration and development;
risks related to commodity price and foreign exchange rate
fluctuations; risks related to foreign operations; the cyclical
nature of the industry in which American Lithium operates; risks
related to failure to obtain adequate financing on a timely basis
and on acceptable terms or delays in obtaining governmental
approvals; risks related to environmental regulation and liability;
political and regulatory risks associated with mining and
exploration; risks related to the uncertain global economic
environment and the effects upon the global market generally, and
due to the COVID-19 pandemic measures taken to reduce the spread of
COVID-19, any of which could continue to negatively affect global
financial markets, including the trading price of American
Lithium’s shares and could negatively affect American Lithium’s
ability to raise capital and may also result in additional and
unknown risks or liabilities to American Lithium. Other risks and
uncertainties related to prospects, properties and business
strategy of American Lithium are identified in the “Risks and
Uncertainties” section of Plateau’s Management’s Discussion and
Analysis filed on January 19, 2021, in the “Risk Factors” section
of American Lithium’s Management’s Discussion and Analysis filed on
January 29, 2021, and in recent securities filings available at
www.sedar.com. Actual events or results may differ materially from
those projected in the forward-looking statements. American Lithium
undertakes no obligation to update forward-looking statements
except as required by applicable securities laws. Investors should
not place undue reliance on forward-looking statements. Cautionary
Note Regarding Macusani Concessions Thirty-two of the 151
concessions held by American Lithium’s subsidiary Macusani, are
currently subject to Administrative and Judicial processes
(together, the “Processes”) in Peru to overturn resolutions issued
by INGEMMET and the Mining Council of MINEM in February 2019 and
July 2019, respectively, which declared Macusani’s title to 32 of
the concessions invalid due to late receipt of the annual validity
payments. In November 2019, Macusani applied for injunctive relief
on 32 concessions in a Court in Lima, Peru and was successful in
obtaining such an injunction on 17 of the concessions including
three of the four concessions included in the Macusani Uranium
Project PEA. The grant of the Precautionary Measure (Medida
Cautelar) has restored the title, rights and validity of those 17
concessions to Macusani until a final decision is obtained at the
last stage of the judicial process. A Precautionary Measure
application was made at the same time for the remaining 15
concessions and was ultimately granted by a Court in Lima, Peru on
March 2, 2021 which has also restored the title, rights and
validity of those 15 remaining concessions to Macusani, with the
result being that all 32 concessions are now protected by
Precautionary Measure (Medida Cautelar) until a final decision on
this matter is obtained at the last stage of the judicial process.
The favourable judge’s ruling confirming title to all 32
concessions from November 3, 2021 represents the final stage of the
current judicial process. However, this ruling has recently been
appealed by MINEM and INGEMMET. American Lithium has no assurance
that the outcome of these appeals will be in the Company’s
favour.
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